Interac, which has long been synonymous with facilitating secure payments in Canada, is making major progress on an increasingly important front: digital verification.<\/p>\n\n\n\n
Interac<\/em> Verified<\/a> is our suite of verification and authentication solutions to help both businesses and consumers interact digitally, conveniently, and securely. This expansion of services underscores our commitment to developing and distributing innovative products that help Canadians verify and authenticate their data to get access to digital business and government services.<\/p>\n\n\n\n A growing list of government agencies, financial services organizations, and private sector businesses offer these services as an option to their customers for verifying and authenticating their identities. In 2022 alone, the Interac<\/em> Verified product suite was used in more than 368 million transactions<\/a>.<\/p>\n\n\n\n That\u2019s just the beginning. Interac<\/em> Verified has the potential to help enhance Canadians\u2019 digital experiences and give them choice on how they verify themselves, whether in person or digitally. Some potential examples in the future could include easier customer journeys when securing a mortgage, gaining access to medical records, or traveling.<\/p>\n\n\n\n How did Interac make the leap from a payments company to a leader in the verification space? It\u2019s in our DNA.<\/p>\n\n\n\n More Canadians are interacting digitally online, but are feeling more skeptical and sensitive around their data remaining private. A recent survey from Interac found nearly 8 in 10 Canadians polled are worried about protecting their online privacy<\/a>.<\/p>\n\n\n\n Interac is also one of Canada\u2019s most trusted financial services brands<\/a>. Throughout our nearly forty-year history, we have facilitated the secure exchange of money between Canadians, businesses, governments and financial institutions. Now we\u2019re leaning on our expertise and the trust we\u2019ve cultivated with Canadians for our verification products.<\/p>\n\n\n\n When Canadians are offered the option to verify and authenticate themselves with Interac <\/em>Verified, they can feel good knowing they\u2019re dealing with a company that\u2019s been helping safeguard their personal data for decades.<\/p>\n\n\n\n We have significant experience connecting various parties including banks, governments, merchants, and consumers, allowing Canadians to make payments and exchange money. Similarly, we\u2019ve assembled interoperable networks that facilitate the sharing of information among different participants securely and efficiently. As a result, Canadians can expect a common framework and the same standards, whether they\u2019re using Interac<\/em> Verified to access business or government services.<\/p>\n\n\n\n <\/p>\n\n\n\n But Interac isn\u2019t just taking its fintech expertise and brand trust to a new market, we\u2019re transforming the way Canadians, businesses, and governments interact online. <\/p>\n\n\n\n For individuals, using Interac<\/em> Verified solutions is a more secure and convenient way to authenticate their data than traditional modes of verification like having to appear somewhere in person and share a government-issued ID. With just a few clicks, Canadians can prove they are who they say they are from the comfort of their couches or from wherever they might be.<\/p>\n\n\n\n We\u2019re also committed to giving consumers freedom of choice in whether they want to use physical or digital methods of verification and authentication.<\/p>\n\n\n\n Take, for example, Interac<\/em> document verification service. Let\u2019s say a customer wants to open a new bank account. If the bank offers Interac <\/em>document verification as an option, the customer can simply take a picture of a government-issued photo ID, as well as a picture of themselves on their mobile phone. Interac<\/em> document verification service will then verify that the two are a match using one-time facial biometric analysis. All of this can be done without a visit to the bank.<\/p>\n\n\n\n Jim Balsillie, a transformative figure for the Canadian technology sector, shares another example in our Everyday Trust <\/em>series<\/a>: moving provinces. Currently, you have to waste time in multiple queues when moving from one province to another, as one province’s system does not recognize your identity from another province. A lot of this is solvable through digital verification, removing much of the hassle involved with moving provinces.<\/p>\n\n\n\nInterac is rising to the challenge of a rapidly changing digital economy<\/h2>\n\n\n\n
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A movement that\u2019s bringing major benefits to Canadians and to businesses<\/h2>\n\n\n\n